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StockbrokersAnd Financial Advisers MONTHLY
MARCH 2017
www.stockbrokers.org.au
MEMBERSHIP iLEARNING
EVENTSEDUCATION
POLICY & REGULATORY ISSUES
StockbrokersAnd Financial Advisers
Association Limited
GEARING:Shares vs property
SHARES VS
PROPERTY
p. 2 Stockbrokers And Financial Advisers Monthly | March 2017
CONTENTS
Inside...
3 Message from the CEO
5 ASIC Market Integrity Rule Harmonisation
5 FATCA latest – or “I Got You Babe”
6 Professional, Ethical and Educational Standards for Retail Financial Advisers
7 Treasury Consults on Proposed ASIC Industry Funding Model
8 ASX Report on Changes to Minimum Core Capital Requirements
9 Interim Report of Review Panel into EDR Schemes and Complaints
9 ASIC Report 509 – Review of ASX Equity Market Outage on 19 September 2016
10 ASX Trade Cancellation changes
10 Committee News
11 Employee share trading and market integrity
13 Can we really manage cyber risk?
14 Gearing: Shares vs property
18 Super Snippets: Pension transfer caps
20 Accreditation & Training Calendar
Stockbrokers And Financial Advisers Association Limited ABN 91 089 767 706
(address) Level 6, 56 Pitt Street, Sydney NSW 2000(tel) +61 2 8080 3200 (fax) +61 2 8080 3299 (email) [email protected]
www.stockbrokers.org.au
StockbrokersAnd Financial Advisers
Association Limited
DISCLAIMER: This Newsletter is provided solely for the information of members of the Stockbrokers And Financial Advisers Association. It does not constitute advice. The Stockbrokers And Financial Advisers Association nor any of its officers or agents accepts no liability or responsibility for the accuracy, reliability or completeness of any information contained in the Newsletter, and readers should rely on their own enquiries and analysis in making any decision or taking any action that affects them.
www.stockbrokers.org.au p. 3
It won’t happen to meD u r i n g t h e w e e k , I r a n g Paul Byrne to confirm details of our Cyber Resilience Workshops that he will be delivering for us with our Cy-ber Resilience Partners, ASX, Arthur J Gallagher, Deloitte and Huntsman.
Paul, who is National Director, Cyber Attack & Response at Deloitte said, “I’m sorry Andrew, I can’t really talk right now – I’m in the middle of handling a crisis for a client that has been hit with a scam. I’ve never seen it before. I will however be talk-ing about it in our Cyber Resilience Workshops.”
So for those who take their Cyber Resilience seriously, make sure you attend one of our Cyber Resilience Workshops being rolled out across Australia in March. If you would like us to run a bespoke Cyber Resilience Workshop for you in house, please contact Lisa Helson.
Professional standards regime enactedThe new professional standards legislation passed the Senate on Thursday 9th February, 2017.
The legislation, which will apply to all retail financial advisers, will com-mence on January 1st, 2019.
Key provisions include:• National Exam• CPD• Professional Year for new advisers• New advisers must have relevant
degree (transition arrangements for existing advisers)
• Join a Code Monitoring body (such as SAFAA) to monitor compliance with a Code of ConductExisting financial advisers will have
access to transitional arrangements, allowing them two years, until 1 January 2021, to pass the exam, and five years, until 1 January 2024, to meet the education requirements. The transition period recognises that existing advisers may need to com-plete the education requirements on a part-time basis, while continuing to service their existing clients.
SAFAA will be providing bridging courses for existing advisers to help them attain a degree equivalent status.
Welcome to BNP ParibasI am delighted to advise that BNP Paribas has joined the Association as a Principal Member. BNP Paribas is a member of SAFAA’s CHESS Replacement Working Group which is working alongside ASX to ensure that the replacement for CHESS meets the needs of users, the major-ity of whom are Market Participants.
BNP Paribas has been support-ing the Australian economy for over 130 years. As the first major foreign bank in Australia, it was established in 1881 to finance the wool trade with Europe.
Today, BNP Paribas is a European-based provider of financial services on a worldwide scale. In Australia and New Zealand, BNP Paribas has long-term relationships with the most successful organisations and a deep knowledge of the local market. BNP Paribas provides its clients access to the world through one of the largest international banking networks, and delivers specialist solutions.
BNP Paribas employs over 500 people across Australia and New Zealand.
Crestone Wealth Management joins as principal member
I am very pleased to welcome Cres-tone Wealth Management as a new Principal Member.
Crestone Wealth Management provides wealth advice and portfolio management services to high net worth clients and family offices.
It was created from the acquisition of UBS Wealth Management Aus-tralia—a company with an 80-year heritage and more than $14 billion of client assets under management.
Crestone has 170 employees, including over 70 investment advis-ers who have worked together for an average of 10 years. It has offices in Brisbane, Melbourne and Sydney.
Employee owned, Crestone pro-motes a partnership culture of ac-countability and high performance with oversight from a formal corpo-rate governance structure, delivered through a Board of Directors and Executive Management team.
TASA MembersOn 11 January 2017, the Association was accredited by the Tax Practi-tioners Board as a recognised tax (financial) adviser association for the purposes of the Tax Agents Services Act (TASA).
Members who provide tax (finan-cial) advice to clients can now use the Association to monitor their compliance with SAFAA’s Code of Conduct (which has been approved by the Tax Practitioners Board.)
Record number of conference exhibitorsOur 2017 conference to be staged at Hilton Sydney on May 24th & 25th has set a new record for the number of exhibitors – 25.
“You just have to be there,” said one exhibitor who attended last year’s event.
And likewise with delegates – this is the one conference that is a must attend if you are in the busi-ness of providing institutional and retail financial advice.
Registrations are now open – and tickets are limited – so register now.
Review of Gender Diversity GuidelinesSAFAA’s Women in Stockbroking Working Group has commenced a review of its Gender Diversity Guide-lines. It’s all part of keeping Gender Diversity top of mind.
Global research conducted by both Credit Suisse and Morgan Stanley shows that businesses that embrace diversity outperform those that don’t. Surprise, surprise!
If you would l ike to join our Women in Stockbroking Work-ing Group, please send a note to Gillian Gilmore. n
MESSAGE FROM THE CEO OF THE STOCKBROKERS AND FINANCIAL ADVISERS ASSOCIATION
Andrew Green
StockbrokersAnd Financial Advisers
Association Limited
ADA 1 and ADA 2 Scholarships
We invite interested financial advisers to apply for the 2017 ADA 1 and ADA 2 Scholarships.
The ASX, together with the Stockbrokers And Financial Advisers
Association (SAFAA), are offering 30 ADA 1 & 2 Scholarships.
Scholarships are designed to help advisers expand their knowledge and
understanding of derivative products. Each Scholarship is valued up to $800 (up to
$400 per ADA) and covers the full cost of ADA 1 and/or ADA 2 enrolment.
Scholarship candidates must meet ASX/SAFAA Scholarship Eligibility Requirements
– click here
Enrol now as places are limited.
This offer is until May 2017.
Please note that candidates receive 20 hours of CPD upon completion of ADA 1 or
ADA 2.
For further information on ASX/SAFAA Scholarships, please contact:
ASXGraham O’BrienManager Equity Derivative SalesTel: +61 2 9227 0672Email: [email protected]
SAFAAGillian GilmoreHead of EducationTel: +61 2 8080 3204 Email: [email protected]
www.stockbrokers.org.au
FOR FURTHER INFORMATION including pricing, assessment details and enrolment
please visit our website, or call us on 02 8080 3200.
EDUCATION PARTNERS
www.stockbrokers.org.au p. 5
NEWS | POLICY & REGULATORY ISSUES
ASIC HAS released Consulta-tion Paper CP 277 on harmoni-
sation of the Market Integrity Rules. CP 277 deals with harmonisa-
tion of the separate ASX and Chi-X MIRs into one rule book. ASIC has been working on this for some time. It makes no sense to there to be near identical separate MIR chapters for each of ASX, Chi-X, and so on.
Separate Rule books for each of the Securities and Futures markets will remain, and Drafts MIR Rules for each area are circulated with CP
277. There are also separate Draft MIRs for Capital requirements.
ASIC has also stated that it has taken the opportunity of “clarifying” the MIRs on:• management requirements and
responsible executives • dealing ‘as principal’ • block trades and large portfolio
trades • derivatives market contracts and
wholesale client disclosure, and • record keeping by market
licensees.
The Association is reviewing CP 277 and the Draft MIRs and will no-tify members of any issues. n
ASIC Market Integrity Rule Harmonisation
FATCA latest – or “I Got You Babe”
IN A CASE OF déjà vu all over again, the Listed Investment Entity
industry bodies have advised that Treasury has informed them that the post trade solution that had been put to the US Internal Revenue Service (IRS) by Treasury as a means of set-tling the ongoing issue of FATCA cer-tification of investors who purchase LIE products on-exchange was not acceptable to the US.
In particular, the concern of the US was the absence of any “stick” that would ensure satisfactory compli-ance by investors in responding to post-trade requests from LIE issuers to provide answers to FATCA self-certification questions.
Members may recall that this is-
sue has been ongoing for some years now. Under the FATCA Inter-Governmental Agreement negotiated between Australia and the US, the Issuers of LIEs have the obligation to conduct FATCA checks of investors pre-trade, however because of the particular features of the Australian market, they are unable to do this. The first the Issuers are aware that a product has been acquired on-mar-ket is after the trade has occurred.
Initially, Issuers (and Treasury) sought that the FATCA obligation be transferred to stockbrokers, how-ever the stockbroking industry has strongly objected to this, in view of the significant ongoing financial cost that this would entail, as well as the potential for liability for forwarding
information that clients may give that later proved to be false.
The Association has worked with the LIE issuers and with Treasury to construct a sensible post-trade solution that satisfied the objectives of FATCA at the lowest administrative cost, and we are disappointed that these efforts have once again not been successful.
Further efforts will now be made to work with Treasury to potentially strengthen a post-trade solution with measures that might satisfy the US. There is also the potential that the new US Administration may take a less strident approach to FATCA (al-though there is likewise the possibil-ity for the opposite to be the case). n
The Association has worked with the LIE issuers and with Treasury to construct a sensible post-trade solution that satisfied the objectives of FATCA at the lowest administrative cost, and we are disappointed that these efforts have once again not been successful.
FOR FURTHER INFORMATION including pricing, assessment details and enrolment
please visit our website, or call us on 02 8080 3200.
p. 6 Stockbrokers And Financial Advisers Monthly | March 2017
POLICY & REGULATORY ISSUES | NEWS
THE CORPORATION Amend-ment (Professional Standards
of Financial Advisers) Bill 2016 was passed by Parliament on 9 February 2017.
The elements of the proposed framework set out in the Legislation are consistent with what has previ-ously been foreshadowed, including:• compulsory education require-
ments for both new and existing financial advisers
• supervision requirements for new advisers
• a single code of ethics for industry• a mandatory national exam for all
financial advisers and• an ongoing professional develop-
ment component.A number of modifications were
made in the Bill from the version that had been previously released to industry for consultation, including:• removing the mandatory require-
ment for supervisors to be pres-ent at all times when provisional advisers provided a financial service during their professional year. Instead, the supervisor has a requirement to ensure that there is “appropriate supervision”
• provision for appropriate recog-nition of qualifications obtained offshore
• the exemption from having to complete the national exam in appropriate cases has been removed
• code monitoring bodies will have 160 days instead of 90 days to conclude an investigation of an advisor in the event that the ad-viser gives notice that they wish to resign from the compliance scheme and
• provisions enabling information to be shared between the Tax
Practitioners Board and code monitoring bodies.
The legislation is to take effect from 1 January 2019.
The Government also stated that the cost of establishing the new standard-setting body would be met
exclusively by the large banks and by AMP.
For the assistance of members, we have prepared a Table setting out the key dates on which the various requirements come into effect. n
Professional, Ethical and Educational Standards for Retail Financial Advisers
Key Dates for new professional standards requirements
1 January 2019 New Advisers must have a Bachelors Degree
New Advisers must have passed the National Exam
New Advisers must comply with annual CPD requirements
New Advisers must complete a Professional Year (PY)
Existing advisers* must commence complying with annual CPD requirements
15 November 2019 ALL advisers must have nominated the Compliance Scheme that will cover them re Code monitoring
ALL advisers must have notified ASIC of their principal place of business (unless previously notified to ASIC)
1 January 2020 ALL advisers must be bound by the Code of Ethics and covered by a Compliance Scheme
1 January 2021 Existing Advisers must have passed the National Exam
1 January 2024 Existing advisers must have reached AQF 7 (Bachelors Degree) educational level
* Anyone who is an adviser between 1 January 2016 and 1 January 2019
www.stockbrokers.org.au p. 7
NEWS | POLICY & REGULATORY ISSUES
Treasury Consults on Proposed ASIC Industry Funding ModelAS WE REPORTED in the
December edition of the SAFAA Monthly, Treasury released the latest version of the ASIC Industry Funding Model for industry consultation on 7 November 2016.
The Model sets out the framework for recovering the whole of the ASIC budget from industry. Approximately $240 million is to be recovered under the Model, with the balance of ASIC’s annual budget (approximately $80 million) to be recovered through fees for service (such as prospectus fees, etc), the details of which have not yet been released.
The latest Model incorporates a number of changes to the Model that was previously discussed in August 2015.
Key features of the revised cost recovery Model are:• The amount to be recovered in
respect of market supervision increases from the approx. $16 million being recouped under the existing ASIC Cost Recovery framework, to approx. $20 mil-lion. Stockbrokers currently pay about 80% of the existing amount. The overall amount will increase slightly to include areas that are not currently cost recovered.
• The Market Participant levy will have the following components:• A fixed levy of $9000 per
Participant• A transaction levy of $0.02
(indicative) per transaction (i.e. per line)
• A message levy of $0.002 (indicative) per message
Points to note:• The transaction levy replaces the
previous variable fee based on the Market Participant’s proportion of total turnover.
• The message component similarly replaces the previous variable fee based on the Market Partici-pant’s proportion of total message count.
The intention is that a Market Participant could, if they wanted to, pass the transaction and message components on to clients by add-ing the relevant amounts onto Trade Confirmations, based on the indica-tive amounts that will be published by ASIC or by Treasury.
Some issues have already been identified with this, including:• at what precise date will the in-
dicative amounts be published, and will it be before the start of the Financial Year?
• the actual levy is not sent to the Participant until after the end of the Financial Year – so what hap-pens if a Market Participant ends up recovering more (or less) than the amount that they end up being invoiced, because the indicative amount was different to the actual levy amount?
• will the regulations contain au-thorisation to pass amounts through to the end user?
The Proposed Model also includes a range of other fees that could apply to Market Participants:• An annual levy on Licensees pro-
viding personal advice on Tier 1 products to retail advisers, calcu-lated at $960 for each adviser on the ASIC Adviser register.
• An annual levy on Licensees pro-viding personal advice on Tier 2 products to retail advisers, calcu-lated at a flat $1500 per licensee.
• An annual levy on Licensees pro-viding general advice only (either to wholesale or retail clients), calculated at a flat $920 per licensee.
• An annual levy on Licensees pro-viding personal advice to whole-
sale clients only, calculated at a flat $170 per licensee.
• An Investment Banking fee com-prising a fixed levy of $1000 plus a graduated levy based on invest-ment banking activity.
The above fees are all cumulative.Firms which are Securities Deal-
ers (such as “shadow brokers”) will become liable for ASIC cost recovery via a fixed levy of $250 plus $0.34 per $10,000 of annual trade value.
As regards the investment bank-ing levy: • The definition of an “investment
bank” is any person who is a licensee and who conducts in-vestment banking activity. Hence, firms (or even individuals) may be caught if they satisfy the definition, regardless of whether they think of themselves as, or call themselves, an “investment bank”.
• Investment banking activity in-cludes capital raising, under-writing, M & A, corporate advi-sory, and OTC derivatives. At this stage, this may include stamping fees and broker firm fees.
• The fee will be based on gross revenue derived from “investment banking activity”, not net revenue.
• There is no indication what the percentage figure of the fee per firm will be.
Representatives of the Association participated in Industry Roundtables with Treasury and the Minister’s Of-fice in December 2016, at which these and other issues were raised.
A further Consultation Paper refin-ing this Funding Model and hopefully addressing many of the unanswered questions is expected by the end of February. Legislation is intended to be passed by 30 June. n
The latest Model incorporates a number of changes to the Model that was previously discussed in August 2015.
p. 8 Stockbrokers And Financial Advisers Monthly | March 2017
ON 18 JANUARY 2017, ASX published a Report setting
out the results of its consultation in August 2016 on proposed increases to Minimum Core Capital Require-ments (MCCR) for ASX Clearing Participants.
Members may recall that ASX was proposing the following:• Core Capital requirement of $5
million to remain unchanged for participants who engage in none of the specified additional activi-ties (see below).
• Existing additional capital require-ments ($5 million, $10 million and $15 million) depending on the number of market participants for which the Clearing Participant clears, also to remain unchanged.
• An additional $2.5 million capital requirement for CP’s with client short ETO positions, rising to $5 million for CPs with material cli-ent short ETO positions (material meaning >$60 million average Initial Margin aggregated for the CP’s clients over a 3 month period).
• An additional $2.5 million capital requirement for CP’s undertak-ing any own account activity in any financial products, rising to $5 million for CPs with a material amount of own account business (ASX Clear will determine what is material).
• An additional $2.5 million capital requirement for CP’s undertaking any activity additional to ASX-related execution, clearing and settlement within the legal entity for which losses may be incurred by the CP, rising to $5 million
for material amounts of non-ASX activity. Non-ASX activity includes corporate finance, stock and margin lending, debt, FX, execu-tion and clearing of international stocks and derivatives.
In the Consultation Paper, ASX anticipated, on its own analysis in-dicates, that 29 out of 36 Clearing Participants would face an increase in MCCR (the majority in the range of $2.5-$7.5 million), but that all but 3 of those CP’s would have held suf-ficient capital to meet this.
In its latest Report, ASX has con-firmed the above proposals, and has provided some additional clarification and guidance. This includes:• the threshold for “de minimis” cli-
ent short activity will be average Initial Margin over the previous 12 months of <$2.5 million. The threshold for “material” activity, which will attract the $5 million additional MCCR to base require-ment, will be average IM >$40 million for the period.
• “own account” activity is clarified as extending to business activities where the Clearing Participant’s own funds are placed at risk of loss due to credit events or market movements. This does not extend to business activities of related parties.
• “non-ASX Activity” is clarified as extending to client execution on other exchanges not cleared through ASX Clear or ASX Clear (Futures); client clearing through a CCP other than ASX Clear or ASX Clear Futures; and non-exchange traded products (other than those cleared by ASX Clear and ASX Clear (Futures).
ASX has advised that there will be a 12 month implementation period for the new requirements.
SAFAA sought feedback from members on the proposals, and overall, members commented that they understood the rationale for the proposals, and were comfortable with them. The Association lodged a Submission to this effect, but seeking further clarification and Guidance, which has been forthcoming in the Report.
The Association is keen to hear if there are any residual issues arising from the ASX Report and the imple-mentation of the MCCR changes. n
ASX Report on Changes to Minimum Core Capital Requirements
ASX has advised that there will be a 12 month implementation period for the new requirements.
POLICY & REGULATORY ISSUES | NEWS
www.stockbrokers.org.au p. 9
ASIC Report 509 – Review of ASX Equity Market Outage on 19 September 2016ON 21 DECEMBER 2016,
ASIC released its Report REP 509 Review of Equity Market Out-age on 19 September 2016. In the Report, ASIC sets out a number of conclusions and recommendations arising from its review of the outage which affected ASX’s trading plat-form on the day in question.
A number of recommendations for ASX are set out, in particular:• ASX should consider and formally
map stakeholder dependencies on ASX, and make changes to mitigate the impact of ASX system failures on those stakeholders.
• ASX should consider having a pre-defined minimum pre-open period for future incidents, with the period of 20 minutes being suggested.
• ASX should review whether the opening rotation process is still necessary, particularly in view of the growth of electronic trading.
• ASX should report to ASIC on its
communication strategy, including consideration of a central platform to fully inform all relevant market users during an incident of the market status and planned recov-ery steps to be taken.
• ASX should report to ASIC on whether any refinements to can-cellation policies are appropriate, particularly with regard to asym-metry on pre- and post-trade information, or failure to fully register and process transactions in CHESS.
ASIC notes also that ASX is re-viewing its methodology for deter-mining closing prices in the event of an outage such as this, where no trades may have taken place on ASX on the relevant day.
It is also worth noting that ASIC makes a number of recommen-dations for Market Participants, including:• Reviewing their own system pre-
paredness for managing market outages.
• Ensuring there is clarity of under-standing of who the ASX contact person is within the firm, and that there are clear channels for com-municating information internally.
• Reviewing arrangements for best execution to ensure they address such incidents.
• Review of the configuration of algorithms and smart order rout-ers to appropriately respond to outages, having regard also expectations of client as to how their orders were to be managed.
• Ensuring that arrangements for effecting and reporting cross-ings are appropriate, particularly in relation to stocks that remain suspended and in relation to the proper calculation of NBBO with regard to pre-trade transparent orders in markets that are acces-sible at the time. n
THE PANEL appointed by the Government to conduct a re-
view of External Dispute Resolution (EDR) Schemes and Complaints Handling released an Interim Report for comment in December 2016.
The Interim Report contains a number of Draft Conclusions and Recommendations, including:• A proposal to increase the mon-
etary limits for claims that can be made to FOS (the Panel does not recommend a specific figure, but elsewhere refers to the previous FOS proposal to lift the monetary limits to $2 million)
• FOS and the Credit Industry Ombudsman should be combined into a single Financial Industry ombudsman
• There should be a reporting re-gime for AFSL holders to report information to ASIC regarding the Internal Dispute resolution process within the firm.
SAFAA has lodged a submission with Treasury in relation to the Interim Report. The Submission strongly argued that there should not be any increase in the monetary limits (cur-rently $309,000 per claim) for EDR
claims. The FOS proposal, SAFAA argued, was far too high, and the existing monetary limits were in line with, or even higher than, similar schemes in other countries.
SAFAA also submitted that pro-posed reporting regime for Internal Dispute resolution was unnecessary, and would only add to the cost of providing financial services. ASIC already routinely reviews complaints handling as part of its ongoing licens-ing review program, and has ample power to ask for any information about this that it requires. n
Interim Report of Review Panel into EDR Schemes and Complaints
NEWS | POLICY & REGULATORY ISSUES
p. 10 Stockbrokers And Financial Advisers Monthly | March 2017
SUBMISSIONS | Members can view submissions at www.stockbrokers.org.au
POLICY ENQUIRIES | Peter Stepek, Policy Executive, [email protected]
ASX ISSUED a Paper in Novem-ber 2016 announcing that, in
relation to Exchange Traded Options:• it would be extending the time to
30 minutes for notifying ASX of a cancellation request. This fol-lowed approaches made by the SAFAA Derivatives Committee to ASX, on which ASX had consulted the market.
• ASX was not proposing to intro-
duce a “large size error” cancel-lation (which industry had also requested) as according to ASX, no consensus could be reached on the parameters for this.
SAFAA had requested a large er-ror cancellation option, in view of the perceived damage to the ETO market that could result where an error of significant size took place that could
not be dealt with under the existing cancellation procedures.
In its Paper, ASX also sought feed-back on whether ASX should extend the 30 minutes period to all ASX and ASX 24 products.
SAFAA sought the views of mem-bers, and feedback was generally in support of harmonising the 30 minute period across all ASX products. n
ASX Trade Cancellation changes
Directors Board Meeting, Tuesday 14 February, 2017Chair: Karl Morris MSAFAA, Ord Minnett
Women in Stockbroking Working Group, Wednesday 22 February 2017Chair: Morana Hunter, SAFAA
Institutional Broking Committee Meeting, Thursday 23 February 2017Chair: Conor Foley MSAFAA, UBS Australia• ASIC Industry Funding Model• ASIC MIR Harmonisation• ASX CHESS Replacement• ASX Trade Cancellation – notification period
Young Members Working Group Meeting, Thursday 23 February 2017Chair: Jacques Rousset AfSAFAA, GCP Capital
Derivatives Sub-Committee Meeting, Tuesday 28 February 2017Chair: Peter Tardent MSAFAA, Commonwealth Securities• Trade Cancellation Policy• ASIC MIR Changes – incl. Block Trading and Derivatives Confirmations
Newly approved Principal Members• BNP Paribas Securities Services• Crestone Wealth Management Limited
Recent meetings of the Stockbrokers And Financial Advisers Association – Committees, Working Groups and Advisory Panels:
Committee News
COMMITTEES | NEWS
www.stockbrokers.org.au p. 11
IN SOME OF THESE cases we were satisfied that no insider
trading had occurred (after making enquiries). In others we started formal investigations which are ongoing. In all of these cases, the connection of the trader to the company and the timing of the trade raised sufficient concerns to dig deeper.
Markets can only operate fairly when information is accurate and available to all. Information leaks can create false markets and affect mar-ket integrity. To ensure market integri-ty, we examine all trading surrounding significant market announcements to identify market misconduct and insider trading.
If you are a market participant and you have reasonable grounds to suspect that a person has placed an order or entered into a transaction while in possession of inside infor-mation, you are required to lodge a suspicious activity report (SAR) under Rule 5.11.1 of the ASIC market integrity rules for the ASX, Chi-X and SSX markets.
You must notify us in writing with details of the transaction or order and the reasons for your suspicions. This applies even if you don’t know the identity of the trader or the details of the order or transaction.
While you are required to lodge a SAR if you spot any unusual trading
activity – such as large and timely or-ders before material, price-sensitive announcements – you should also look out for transactions or orders placed by clients that are connected to your business. For example, if a client is an employee, consultant or contractor (or a family member of one), and they place a trade before a material announcement, you should consider whether a SAR needs to be lodged with ASIC.
When deciding whether to lodge a SAR, you should ask yourself the following questions:• Did the client buy before a posi-
tive announcement or sell before a negative one?
• Has the client traded in the security before and is the trading consistent with their trading history?
• How close to the announcement did the trade occur?Remember, timing is important.
SARs must be submitted when you become aware of the conduct, not after you have investigated it.
Lodging a SAR is quick and easy. You can submit your SARs by email-ing us at [email protected] or through our Market Entity Compli-ance System (MECS) portal. Form M57 Suspicious Activity Report on the MECS portal will guide you through the information you should provide and can be submitted online.
Suspicious activities that should have been submitted as a SAR, but which come to our attention in other ways, will be investigated. When this happens, we will consider remedial or disciplinary action.
To find out more about your SAR obligations, take a look at Regula-tory Guide 238 Suspicious activity reporting.
Various financial services entities, including banks, AFS licensees and market participants also have an obligation to submit suspicious matter reports (SMRs) to AUSTRAC under the Anti-Money Laundering and Counter-Terrorism Financing Act 2006.
If, at any time, you form a suspicion that a matter is related to an offence, tax evasion, or the proceeds of crime, you must provide an SMR to AUS-TRAC within three business days. Offences include money laundering, terrorism financing, operating under a false identity or any other offence under a Commonwealth, state or territory law.
To avoid double-reporting, if you have submitted an SMR to AUS-TRAC you are not required to notify ASIC of the same information: Rule 5.11.1(2) of the ASIC market integrity rules for the ASX, Chi-X and SSX markets. n
Employee share trading and market integrity In the last year we have come across several instances of employees, consultants or contractors of listed entities (or their related parties) trading before material announcements. This activity has raised our suspicions of information leaks and insider trading ahead of major announcements such as merger or takeover deals.
POLICY & REGULATORY ISSUES
p. 12 Stockbrokers And Financial Advisers Monthly | March 2017
POLICY & REGULATORY ISSUES
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www.stockbrokers.org.au p. 13
FIRSTLY, THERE ARE no silver bullets and don’t believe
anyone who is offering one. There are however a few steps your organisa-tion can take.
Internal controls There are internal controls every organisation should have to boost cyber resilience. These include firewalls, AV gateways, malware sandbox solutions, IDS/IPS, network access controls, and host/endpoint protection. Building in-house security skills and awareness will increase the effectiveness of these investments.
Threat detection Despite these internal controls, breaches can, and do, occur. So your organisation also needs to deploy effective threat management measures.
Today, there are a few excellent automation technologies available that detect, verify and respond to threats in real-time, cutting the time your organisation is exposed to cyber risk to seconds.
These applications can reduce the potential financial impact, reputa-tional damage and remediation costs that inevitably flow from a breach.
Outsourcing As well as internal controls and threat detection, your organisation will probably also need to outsource expertise in areas like penetration testing, assurance, incident response and – perhaps most importantly – monitoring. A 24/7 monitoring service can detect alerts and other indicators of security compromise like anomalous network traffic pat-terns, and unusual behavior on the IT system.
Insurance Finally, there’s insurance, to assign your cyber risk to an insurer.
Like any insurance policy, the pre-mium correlates with the size of the risk. So anything your organisation can do to limit that risk should reduce the premium.
But beware: if your organisation does not have the requisite internal
controls in place, an insurer may be unwilling to underwrite your risk.
Key take-out In a nutshell, cyber resilience requires a balance of building internal capa-bilities, procuring outside help where you need it, and insuring against any related risks you can’t reasonably manage. The investment may seem large, but the consequences of not adequately addressing cyber threats can be massive.
If you’d like to know more about how to boost your organisation’s cyber resilience, please feel free to contact us at Huntsman Security or come and speak with us at the SAFAA Cyber Security workshops. n
huntsmansecurity.com
In past years when our Cyber Security consultants spoke with organisations about their need to manage cyber risk, our recommendations were often met with blank looks and “we’ve never had a problem”.
Now, cyber-crime is rightfully recognised as a significant risk to the business of every organisation. The nimbleness of cyber criminals, and the ease with which they regularly breach defences, has many managers asking: what should we do to manage cyber risk?
Can we really manage cyber risk?
GUEST EDITORIAL
p. 14 Stockbrokers And Financial Advisers Monthly | March 2017
GUEST EDITORIAL
SHARES VS
PROPERTY
WITH SOARING property prices, investors need to ex-
plore other asset groups to build wealth. For Australians already holding property, diversification is an important consideration to re-duce concentration risk and protect wealth.
We’ve explored the age-old argu-ment of shares vs property to bring you the pros and cons of both.
Over the past 20 years, Australian shares have returned an average of 8.7% per year. Similarly the national average for Australian residential property has returned an average rate of 10.5% for the same period.
Despite both showing strong returns, property remains to be the most common tool used to cre-ate wealth. So why the disparity in their use? The difference is largely
because borrowing to invest in property is more commonly accepted than borrowing to invest in equities. Many investors are not aware of the potential for gearing into equities as a growth asset over the long term, but it’s an option worth careful consideration.
Similarities
9Gearing can offer a tax effective way to access a growth asset – property and/or shares 9 Investment properties offer a rent-al return. Shares offer a dividend return and can come with franking credits, creating an additional tax benefit. 9Gearing magnifies your profits and your losses for both property and shares, so it’s important to take a long-term view
Gearing: Shares vs property
Almost everyone
understands the benefits
of borrowing money
to invest in property.
However, the similarities
and benefits of gearing
into equities compared to
property is not so easily
understood.
www.stockbrokers.org.au p. 15
SHARES VS
PROPERTY
GUEST EDITORIAL
What is the impact of higher property prices?
• Higher prices also mean lower rental yields (rent amount com-pared to mortgage repayment amount), this means investors need to give up more of their own income to cover the shortfall for the mortgage repayments when compared to renting.
• A large mortgage also means it takes longer before you actually own your home rather than the bank.
• Higher property prices means it is now very difficult to save enough money for a deposit.
What is the impact of low flexibility and liquidity?
Lack of liquidity in the property mar-ket means it becomes harder to exit when compared with shares. This is not only because of the time it takes to appoint an agent and find a buyer, but also because of the taxes and agent fees involved in selling a property. This means that investors usually have to commit to paying off a long term mortgage with ongoing minimum monthly payments. There-fore property is often restrictive for those who plan to travel or take out other commitments that require more flexibility.
Feel that equities is too complicated?
Stock picking can be tricky. Fortu-
nately the rise of exchange traded funds (ETFs) has made equity invest-ments much easier. Investors can easily gain exposure to a diversified portfolio of stock – basically a basket of different securities – by using a low fee, exchange traded fund that tracks the Australian Index. For example, SPDR ASX is an ETF that offers exposure to Australia’s largest 200 companies – such as the big four banks, Telstra, BHP, Woolworths, etc. (ticker code STW).
If you want to gain a larger expo-sure to this ETF, but don’t have the funds required, you can utilise Lever-aged Share Builders. This product wraps up the ETF purchase with additional borrowed funds in the one transaction. Here’s how it works.
Using ticker code STWSSL, inves-tors borrow to invest in one simple transaction on market. STWSSL has a minimum investment of $500 per transaction. For every $500 invested, an additional $500 is automatically lent to the investor, meaning the total exposure becomes $1000. There is no maximum investment and inves-tors can choose to buy and sell at any time on the market without any break fees.
The investment is also positively geared, which means investors are never asked to fork out extra money to cover the interest expense – ever! The dividends from the investment are automatically used to pay off the interest and to pay down the loan over time. Also, should the market decline in value, there is no risk of a margin call.
Keeping things simple
There is no need for any paperwork or credit checks when gearing into equities through Share Builders, as everything is transacted on market. This means that investors can now gain an increased exposure to a diversified portfolio of stock, simply and easily. There are also added benefits of the extra dividends and franking credits. Simply let your broker know you’d like to purchase ticker code STWSSL.
Your broker may require you to complete a one off ‘WAF form’ which is usually very simple and will allow you to buy and sell STWSSL on market at any time. n
Looking for more information?
Contact Peter Moussa from Leveraged on 02 8243 3025
Issued by Leveraged Equities Limited (ABN 26 051 629 282 AFSL 360118) as Lender and as a subsidiary of Bendigo and Adelaide Bank Limited (ABN 11 068 049 178 AFSL 237879). This informa-tion is correct as at 13/02/17 and is for general information purposes only. It is intended for AFS Licence Holders or au-thorised representatives of AFS Licence Holders only. It is not to be distributed or provided to any other person.
DifferencesSHARES PROPERTY
Minimum investment 9 $500
Median house price requires a $120,000 deposit + stamp duty and other property taxes
Volatility 9High in the short-term, low in the long-term (five years or more) 9 Lower volatility than shares
Liquidity 9 High Low
Flexibility 9 High Low
Ongoing costs 9 None Repairs, maintenance and rates
p. 16 Stockbrokers And Financial Advisers Monthly | March 2017
POLICY & REGULATORY ISSUES
It’s happened again.Another Investment Trends award to complement last year’s most satisfied clients, brokers, and planners.
There’s no secret to success.
Just great rates and even better service – year after year after year.
It’s a habit we don’t plan to kick.
If you’re still searching for satisfaction, you’ll find it at Leveraged.
This is becoming a habit…
leveraged.com.au 1300 307 807
Results from the Investment Trends 2016 Margin Lending Report. Issued by Leveraged Equities Limited (ABN 26 051 629 282 AFSL 360118) as Lender and as a subsidiary of Bendigo and Adelaide Bank Limited (ABN 11 068 049 178 AFSL 237879). This email contains general advice only and doesn’t take into account your personal objectives, financial situation, or needs. Please consider your personal circumstances, consult a professional investment provider, and read the PDS and Product Guide, available to download from www.leveraged.com.au before making an investment decision. (S56726) (02/17)
56726-LEV-SASAA-Ad-A4.indd 1 16/02/2017 9:44 AM
StockbrokersAnd Financial Advisers
Association Limited
CPDAttendees will receive 1.5 hours of CPD (Compliance)
REGISTRATION FEE Individual Members $105.00Employees of Organisational Members $120.00Non Members $140.00
DATETuesday 14 March 2017
VENUEAshurstLevel 26, 181 William Street Melbourne
PRESENTERS PANELAngus Ross, AshurstDamien Sherman, Vanguard InvestmentsPeter Stepek, SAFAAChair: Andrew Green, SAFAA
FURTHER INFORMATIONvisit www.stockbrokers.org.au or call 02 8080 3200.
REGISTER NOW!The 2017 Leaders Forum in Melbourne is designed for senior executives and leaders in the Stockbroking and Wealth Management industry to come together to hear about and discuss the ‘hot’ topics facing our industry. Through a mix of presentation and discussion, attendees will hear from industry experts and peers to update them on these issues. The Forums are held over a lunch time session and are hosted around Australia. These are Forums you need to attend to keep abreast of key issues for your business.
WHO SHOULD ATTEND? CEOs, CFOs, COOs, Senior Executives, Senior Compliance and Legal, and team members who communicate with clients and staff on a regular basis.
DURATIONHeld over a lunch time session, the 2017 Leaders Forum in Melbourne will commence at 12.30pm sharp (registration from 12.00pm) and concludes at 2.00pm.
FORUM TOPICS ― Insider Trading
― Trading and execution in ETFs and best practice
― Update on current issues
VANGUARD INVESTMENTS AND THE STOCKBROKERS AND FINANCIAL ADVISERS ASSOCIATION PRESENT
2017 Leaders Forums
HOSTED BYEDUCATION PARTNERS
Register now | 02 8080 3200 Email | [email protected] Web | www.stockbrokers.org.au
p. 18 Stockbrokers And Financial Advisers Monthly | March 2017
AS WITH ALL Government policy there are trade-offs be-
tween simplicity, equity and revenue management. As it currently stands the rules are complex and tricky to navigate. Hopefully individuals and couples with superannuation assets over $1.6m will seek expert advice.
New pensions
The pension transfer cap generally comes into play when an individual establishes an account based pen-sion. The maximum that can be trans-ferred from an accumulation account to a pension account is $1.6m.
Once you have started a $1.6m pension you cannot add to it but it can rise and fall in value with invest-ment returns and pension payments. The cap will be indexed by CPI in $100,000 increments.
The $1.6m cap includes all ac-count based pensions in the indi-vidual’s name. It also includes defined benefit pensions (like guaranteed pensions paid by governments and some large employers) which will be valued at 16 times the annual pen-sion amount.
Amounts not transferred to the account based pension can be re-tained in an accumulation account (with the investment earnings taxed at 15%). Once you have used the $1.6m pension transfer cap you can no longer make non-concessional contributions.
Existing pensions
The same rules apply to current hold-ers of account based pensions. By 1 July 2017 they must reduce the value of their pension(s) to a maximum of $1.6m. They can transfer assets back to an accumulation account (where earnings will be taxed at 15%) or re-move them from the superannuation system (where they will be taxed at marginal tax rates).
The ATO is paying close attention to valuations of assets (particularly non-listed assets) to ensure trustees do not try to ‘game’ the system.
The rules recognise that trustees are being forced to transfer assets from a tax-exempt environment to a taxable environment. To avoid a rush to sell assets before 1 July 2017 to avoid CGT, trustees will be able to reset the CGT cost base on assets being transferred out of the pension account.
Partner’s pensions
Members of a couple can each have the maximum tax free account based pension - $3.2m in total. It may be useful to adopt strategies to balance up accounts between members of a couple.
However, on the death of one member of a couple, the surviving member will be restricted to the pen-sion transfer cap that applies to an individual. This may mean restrictions
on payment of a reversionary pension or being forced to cash accumulation accounts out of the superannuation system.
Whilst these measures will only impact wealthy superannuants it will add much more complexity to man-aging retirement income and estate planning. n
Our new and updated RG146 Superannuation course is highly recommended for anyone who advises on securities in self managed or other superannuation funds. Each month we will be publishing a short article covering a current superannuation topic written by Peter Grace the author of our new course. Peter can be contacted on [email protected]
SUPER SNIPPETS | EDUCATION
Pension transfer capsBy Peter Grace
Many of the upcoming changes to superannuation are easy
to understand but the personal pension transfer cap of $1.6m
that will apply from 1 July 2017 is a real mindbender. The
Government’s goal is to limit the amount an individual can have
in super that is exempt from tax.
SAFAA Cyber Resilience ProgramStrategies to mitigate cyber security
www.stockbrokers.org.au p. 19
EDUCATIONStockbrokersAnd Financial Advisers
Association Limited
SAFAA Cyber Resilience ProgramStrategies to mitigate cyber security
The Australian Cyber Security Centre (ACSC) reported that in the year to June 2016, the Computer Emergency Response Team (CERT) responded to 14,804 cyber security incidents affecting Australian businesses, an increase of
26% over the previous year.
The Australian Signals Directorate estimates that the implementation of its Top 4 mitigation
strategies can mitigate 85% of adversary techniques used in targeted cyber intrusions.
Learn how to mitigate your cyber security by attending SAFAA’s Cyber Resilience
Workshops, brought to you by ASX, Arthur J Gallagher, Deloitte and Huntsman, in
conjunction with SAFAA.
With ASIC’s focus on cyber resilience a top regulatory priority, now is the time to consider
practical actions to make cyber resilience part of your firm’s culture and ensure that
everyone is a part of your firm’s cyber defences.
This 2 hour workshop is relevant to all employees, especially those who are client facing.
Using real life case studies, this workshop will focus on examples of cyber-attacks on
broking firms, and attempts to conduct unauthorised transactions on client accounts.
The workshop will also cover legal and regulatory obligations that apply to cyber security
and high level principles and guidelines that a business should follow in setting up or
maintaining their cyber resilience programs.
Create a cyber resilience culture and learn about:
− The main cyber threats
− Measures businesses are taking to combat cyber risk
− Legal/regulatory obligation to be cyber resilient
− ASIC’s health check prescription
− Principles outlined in REP 429
− ASIC’s good practices listed in REP 468
− Mandatory data breach reporting
− Cyber security of third parties, outsourcing considerations
− Cyber insurance, and
− How to educate clients about cyber security
Dates & VenuesSydney | 8 MarchAshurstLevel 95 Martin Place Melbourne | 9 MarchPatersons Securities LimitedLevel 15333 Collins Street Brisbane | 15 MarchMorgans Financial LtdLevel 29123 Eagle Street Adelaide | 22 MarchTaylor CollisonLevel 16211 Victoria Square Perth | 29 MarchPatersons SecuritiesLevel 23, Exchange Plaza2 The Esplanade
CPD2 hours (Compliance)
Duration1:00pm – 3:00pm
Book now as places are limited.The cost of staging the Workshop is covered by our Education Partners.
www.stockbrokers.org.au
Register now | 02 8080 3200 Email | [email protected] Web | www.stockbrokers.org.au
EDUCATION PARTNERS
p. 20 Stockbrokers And Financial Advisers Monthly | March 2017
Resp
onsi
ble
Exec
utive
(RE)
Ser
ies W
orks
hops
RE REFRESHER – 4 CPD (COMPLIANCE)This workshop provides a refresher on the requirements applicable to REs and reviews some of the main topics in The ASIC Market Integrity Rules (ASX Markets) 2010 and/or The ASX Clear Operating Rules (Clearing & Settlement) Responsible Executive Examination. Intended as a refresher course for existing REs who have already passed the Exam(s), this workshop could also be of interest to potential REs. Topics include RE Management & Supervision Requirements (& ASIC RM comparisons); Capital Adequacy, Records, Trust; Dealing & Client relations rules; Disciplinary Processes; Corporations Act requirements.
SYD: Tues 7 Mar | 9:00am – 1:00pmMELB: Wed 3 May | 9:30am – 1:30pm
RE EXAM PREPARATION COURSE – 10 CPD (COMPLIANCE)This 2 x 3-hour intensive workshop (conducted over 2 days) covers the ASIC/ASX Markets & ASX Clear (Clearing & Settlement) RE exam syllabus in detail, ensuring that candidates are well prepared for the exam(s) and know what to expect on the day, with sample questions and a practice exam.
MELB: Thurs 23 & Fri 24 Mar | 9:30am – 12:30pmSYD: Mon 8 Tues 9 May | 9:00am – 12:00pm
RE EXAM PREPARATION ‘SHORT COURSE’ – 4 CPD (COMPLIANCE)This 4-hour intensive workshop is a condensed version of the Stockbrokers And Financial Advisers Association 2-day RE Exam Preparation Workshop. It covers The ASIC Market Integrity Rules (ASX Markets) 2010 and/or The ASX Clear Operating Rules (Clearing & Settlement) Responsible Executive exam syllabuses in detail, with 7 subject areas and 2 assessments during class time.
SYD: Mon 6 Mar | 9:00am – 1:00pmMELB: Thurs 4 May | 9:30am – 1:30pm
Prof
essi
onal
Dev
elop
men
t Wor
ksho
ps
MARKET MANIPULATION AND OTHER PROHIBITED CONDUCT – 4 CPD (COMPLIANCE) This workshop covers an in-depth examination of what constitutes market manipulation and other prohibited market conduct. Involving a mix of presentation and scenario-based discussion, it is designed to suit market professionals, both front and back office, including: Sales staff/client representatives; Proprietary Traders; DTRs; Investment banking; Settlement staff; and Compliance & Legal.
MELB: Wed 15 Mar | 9:00am – 12:00pm
CONDUCT RISK – 1 CPD (COMPLIANCE)In this lunchtime seminar hear from a Conduct Risk specialist on what it is; where Conduct Risk might go wrong; and where it belongs in the risk world. More importantly, learn how it will affect you.
SYD: Thurs 16 Mar | 12:30pm – 1:30pmMELB: Wed 5 Apr | 12:30pm – 1:30pm
CYBER RESILIENCE – 2 CPD (COMPLIANCE)Using real life case studies, this workshop will focus on examples of cyber-attacks on broking firms, and attempts to conduct unauthorised transactions on client accounts. This 2 hour workshop is relevant to every employee, in particular those who have involvement with clients. Covering the legal and regulatory requirements to be cyber resilient together with high level principles and guidelines that a business should follow in setting up or maintaining their cyber resilience programs.
SYD: Wed 8 Mar | 1:00pm – 3:00pmMELB: Thurs 9 Mar | 1:00pm – 3:00pmBRIS: Wed 15 Mar | 1:00pm – 3:00pm ADE: Wed 22 Mar | 1:00pm – 3:00pmPER: Wed 29 Mar | 1:00pm – 3:00pm
Intr
oduc
tory
Ser
ies W
orks
hops
UNDERSTANDING DERIVATIVES: OPTIONS AND WARRANTS – 4 CPDDerivatives are an established and essential component of global financial markets. Focusing on options and warrants, this workshop discusses how and why derivatives are used for leverage and/or manage risk. Key concepts are explained through worked examples, under the guidance of an experienced practitioner. This half day workshop is also ideal preparation for Accredited Derivatives Adviser Level 1 - ADA1 candidates.
SYD: Thurs 6 Apr | 9:00am – 1:30pm
THE BUSINESS OF STOCKBROKING IN AUSTRALIA – 2.5 CPDIThis workshop provides an overview of Australia’s financial markets and the critical role that stockbrokers play in both retail and institutional markets. A short history of broking in Australia sets the scene for explanation of the current market structure, operations and regulation.
MELB: Thurs 30 Mar | 9:30am – 12:30pmSYD: Tues 4 Apr | 9:00am – 12:00pm
UNDERSTANDING OPTIONS: FEATURES, BENEFITS AND RISKS – 2 CPDThis workshop focuses on equity options traded on the Australian Securities Exchange (ASX). Equity options offer investors an efficient means of managing the risks of adverse price movements in the share market. In addition, they give traders a vehicle by which to gain leveraged exposure to individual shares and selected indices. This workshop covers options pricing, basic strategies and the mechanics of trading options on the ASX.
SYD: Thurs 4 May | 9:00am – 11:00amMELB: Mon 8 May | 9:00am – 11:00am
ACCREDITATION & TRAINING March, April & May 2017
EDUCATION
EDUCATION
2017 STOCKBROKERS AND FINANCIAL ADVISERS CHARITY GOLF DAY
Tuesday 23 May 2017 | Pennant Hills Golf Club, Sydney
The 2017 Stockbrokers And Financial Advisers Charity Golf Day is to be held at Pennant Hills Golf Club, Sydney on Tuesday 23 May 2017.
The Association Cup will be awarded to the team that finishes in first place in this Ambrose Competition.
Once again, the Stockbrokers And Financial Advisers Association will support the Heartwell Foundation, a community-based rehabilitation and education program for children with special needs. Heartwell empowers children to lead a better quality of life by developing their skills and improving their health, self esteem and confidence to participate with their peers.
To register a team or individual player, please visit
www.stockbrokers.org.au
If you wish to join our list of sponsors, please contact SAFAA Marketing.
PROUDLY SUPPORTING
HOSTED BY
SPONSORS
© Gary Lisbon
StockbrokersAnd Financial Advisers
Association Limited
ab
REGISTRATIONS
OPEN** **
24 & 25 MAY 2017 | HILTON SYDNEY
STOCKBROKERS AND FINANCIAL ADVISERS CONFERENCE
www.stockbrokers.org.au/conference | #2017SAFAAConf | @StockbrokersAA
StockbrokersAnd Financial Advisers
Association Limited
* * * CLICK HERE FOR FURTHER DETAILS OR TO REGISTER AT THE EARLY BIRD DISCOUNT RATE TODAY * * *
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